Financial Performance - For the six months ended June 30, 2021, Tianjin Tianbao Energy Co., Ltd. reported a consolidated revenue of approximately RMB 281.75 million, an increase of about 39.7% compared to the same period last year[4]. - The profit attributable to equity shareholders for the same period was approximately RMB 1.09 million, a decrease of about 86.5% year-on-year[4]. - Earnings per share for the six months ended June 30, 2021, was approximately RMB 0.68, down approximately 86.6% from RMB 5.06 in the previous year[7]. - The company's total operating revenue rose approximately 39.7% from about RMB 201.69 million in the first half of 2020 to about RMB 281.75 million in the first half of 2021[21]. - The company's profit before tax decreased by approximately 69.0% to about RMB 47.25 million, primarily due to the significant increase in fuel costs[36]. - The net profit attributable to the parent company fell by approximately 86.5% to about RMB 10.94 million in the first half of 2021[38]. - Gross profit decreased to RMB 20,629 thousand, down 36.4% from RMB 32,344 thousand year-over-year[111]. - Operating profit for the period was RMB 10,546 thousand, a decline of 46.6% from RMB 19,706 thousand in the previous year[111]. - Consolidated profit before tax decreased to RMB 4,725,000 for the six months ended June 30, 2021, down 69.0% from RMB 15,233,000 in the prior year[149]. Assets and Liabilities - The company's total assets as of June 30, 2021, amounted to RMB 797.50 million, a slight decrease from RMB 810.31 million as of December 31, 2020[9]. - The total liabilities of the company were RMB 383.32 million, compared to RMB 391.68 million in the previous year[9]. - As of June 30, 2021, current assets amounted to approximately RMB 185.54 million, an increase of about 3.4% compared to RMB 179.46 million at the end of 2020[41]. - Cash and cash equivalents were approximately RMB 129.67 million, up about 2.2% from RMB 126.92 million at the end of last year[42]. - The debt-to-equity ratio was 0.93 as of June 30, 2021, slightly down from 0.94 at the end of 2020, due to a decrease in liabilities[44]. - Total liabilities amounted to RMB 287,016 thousand, an increase from RMB 276,446 thousand at the end of the previous year[118]. - The total equity attributable to equity shareholders was RMB 307,780 thousand, down from RMB 314,682 thousand as of December 31, 2020[118]. - The total amount of non-current liabilities due within one year was RMB 126,476,000 as of June 30, 2021, compared to RMB 120,707,000 as of December 31, 2020[173]. Revenue Segments - The revenue from the energy production and supply segment increased by approximately 60.7% to about RMB 189.67 million, attributed to the acquisition of the 51% stake in Lingang Thermal Power and the addition of several key customers[23]. - Revenue for the six months ended June 30, 2021, was RMB 281,749 thousand, an increase of 39.6% compared to RMB 201,691 thousand for the same period in 2020[111]. - Revenue from the electricity distribution segment was RMB 84.778 million, up from RMB 75.300 million in 2020, representing an increase of 6.6%[140]. - Revenue from energy production and supply increased to RMB 189.669 million from RMB 118.028 million, marking a significant growth of 60.5%[140]. Cost and Profitability Challenges - The increase in coal procurement costs due to tight supply and rising prices has negatively impacted the company's profitability[15]. - The fuel costs surged approximately 133.3% to about RMB 113.98 million, mainly due to the tight supply and demand situation in the domestic coal market and increased steam sales following the acquisition[35]. - The company's profit before tax decreased by approximately 69.0% to about RMB 47.25 million, primarily due to the significant increase in fuel costs[36]. - Interest expenses rose to RMB 6,095,000 for the six months ended June 30, 2021, compared to RMB 4,705,000 in the same period of 2020, reflecting increased borrowing costs[149]. Strategic Initiatives - The company has initiated measures to mitigate the impact of rising coal prices on profitability, including improving the quality of coal suppliers and enhancing market trend analysis[15]. - The company completed the formulation of its "14th Five-Year" development plan, outlining future development directions[15]. - The company is actively exploring new business models to broaden its development pathways[15]. - The company is actively expanding its business in the renewable energy sector, including distributed energy stations and energy management contracts, to mitigate the impact of high coal prices on profitability[16]. - The company aims to enhance operational efficiency and shareholder returns by deepening state-owned enterprise reforms and actively exploring market-oriented businesses[67]. - The company aims to implement the "14th Five-Year" development plan by actively pursuing market-oriented business in clean energy production and management, targeting project implementation in distributed energy stations and contract energy management in the second half of 2021[68]. Shareholder Information - As of June 30, 2021, the total number of shares was 159,920,907, with a par value of RMB 1.00 per H share, and no new shares were issued for cash after listing on the main board[81]. - Tianbao Holdings holds 109,606,538 H shares, representing 68.54% of the total share capital, while Tianjin Free Trade Zone Investment Holdings holds 115,600,907 H shares, representing 72.29%[84]. - The board did not propose any interim dividend for the six months ended June 30, 2021[91]. - The company approved a dividend of RMB 0.05 per share for the last fiscal year, totaling RMB 7,996,000, compared to RMB 4,798,000 for the previous year[177]. Cash Flow and Investments - Cash generated from operating activities for the six months ended June 30, 2021, was RMB 27,147 thousand, an increase from RMB 24,587 thousand in 2020, representing a rise of approximately 10.4%[126]. - The company reported a net cash outflow from investing activities of RMB 2,501 thousand for the six months ended June 30, 2021, compared to RMB 67,265 thousand in the same period of 2020, showing a significant reduction in cash outflow[126]. - Bank loans received during the financing activities amounted to RMB 76,000 thousand, compared to RMB 40,000 thousand in the previous year, indicating a 90% increase[126]. - Approximately HKD 25.62 million from the IPO proceeds is expected to be used for technology and equipment upgrades, with HKD 21.52 million already utilized[98]. Compliance and Governance - The independent non-executive directors confirmed that the controlling shareholders have fully complied with the non-competition agreement without any breaches during the reporting period[87]. - The company did not engage in any significant legal proceedings or arbitration during the reporting period[89]. - No important contracts were entered into with the controlling shareholder or its subsidiaries during the reporting period[90]. - The management has provided necessary explanations and information to the board for the preparation of the financial statements[103]. - The review of the interim financial report was conducted in accordance with the relevant standards, and no issues were noted that would affect its compliance with international accounting standards[109].
天保能源(01671) - 2021 - 中期财报